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Japan plans cut in government bond sales in fiscal 2018

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Japan plans cut in government bond sales in fiscal 2018

Japan is looking to cut Japanese government bond sales by about ¥7 trillion to around ¥134 trillion in fiscal 2018, Reuters reported, citing government sources.

The reduction in JGBs would be the biggest in 11 years, Reuters reported, adding that it would mark the fifth consecutive annual reduction of government bond sales through auction. The government is set to sell JGBs worth ¥141.2 trillion for fiscal 2017.

The government is planning to cut issuance of 30-year and 40-year JGBs, the sources reportedly said, along with 10-year, 5-year, 2-year JGBs and discount treasury bills in the current fiscal year ending March 31, 2018.

Depending on institutional investor demand, the government would keep the amount of 20-year JGBs and inflation-linked bonds while increasing the number of auctions, the sources added.

The JGB sale plan will be finalized Dec. 22, in line with the government's endorsement of its draft annual budget for fiscal 2018, according to Reuters.

As of Dec. 14, US$1 was equivalent to ¥112.64.